04. BUSINESS DIVISIONS

Services: Valoriza

Valoriza Servicios Medioambientales' business areas are as follows:

Municipal services: Encompasses street cleaning concessions, collection of municipal solid waste (MSW) (including underground recycling containers), gardening and maintenance of green areas, parking-metre management and towing services. Given the present economic situation, a more selective approach is being adopted in this business area.

Waste treatment: This area operates substantial long-term concessions. It builds and operates plants to treat municipal solid waste, packaging, and batteries, treatment facilities for construction and demolition debris, landfill gas removal, and plants for biomethanation, incineration, and waste-to-energy production, as well as facilities to incinerate, compost, and thermally dry sludge from wastewater treatment plants.

Regeneration: This area encompasses water quality control, atmospheric control and recovery of landscapes and woodlands.

Contracts won in 2011 included the following:

• Street cleaning and cleaning of internal areas in the municipality of Caldes de Montbui (Barcelona) for a total of 4.9 million of euros (fouryear concession contract).

• MSW collection and transport services in the area of Najerilla-Moncalvillo (La Rioja), for a total of 2.7 million of euros (five-year concession contract).

• Operation of the composting and thermal sludge-drying plant using cogeneration in the Canal de Isabel II in Loeches, for a total of 8.8 million of euros (four-year concession contract).

In terms of international business, business activities are carried out in Portugal through HIDURBE, which engages in waste collection and treatment, and VIVEROS DE FALCAO, which engages in landscaping services. In 2011, the first bids for waste-treatment concessions were submitted in Croatia, Italy, Poland, France and Australia.

Revenues in Portugal totalled 6.7 million of euros in 2011.